(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of Principal Executive Offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
Exhibit Number | Description | |||||||
99.1 | ||||||||
99.2 |
Acutus Medical, Inc. | ||||||||
Date: August 12, 2021 | By: | /s/ Vince Burgess | ||||||
Vince Burgess | ||||||||
President and Chief Executive Officer |
Exhibit 99.1 | |||||
Press Release |
Press Release |
Press Release |
Investor Contact: | Media Contact: | ||||
Caroline Corner | Holly Windler | ||||
Westwicke ICR | M: 619-929-1275 | ||||
D: 415-202-5678 | media@acutusmedical.com | ||||
caroline.corner@westwicke.com |
Press Release |
(in thousands, except per share amounts) | June 30, 2021 | December 31, 2020 | |||||||||
(unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 7,127 | $ | 25,234 | |||||||
Marketable securities, short-term | 73,894 | 105,839 | |||||||||
Restricted cash | 150 | 150 | |||||||||
Accounts receivable | 3,359 | 2,160 | |||||||||
Inventory | 14,663 | 12,958 | |||||||||
Prepaid expenses and other current assets | 2,859 | 5,047 | |||||||||
Total current assets | 102,052 | 151,388 | |||||||||
Marketable securities, long-term | — | 8,726 | |||||||||
Property and equipment, net | 15,335 | 12,356 | |||||||||
Right-of-use assets, net | 4,841 | 1,669 | |||||||||
Intangible assets, net | 5,333 | 5,653 | |||||||||
Goodwill | 12,026 | 12,026 | |||||||||
Other assets | 1,006 | 717 | |||||||||
Total assets | $ | 140,593 | $ | 192,535 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 5,794 | $ | 8,266 | |||||||
Accrued liabilities | 8,908 | 7,308 | |||||||||
Contingent consideration, short-term | 2,700 | 5,400 | |||||||||
Operating lease liabilities, short-term | 454 | 933 | |||||||||
Total current liabilities | 17,856 | 21,907 | |||||||||
Operating lease liabilities, long-term | 4,798 | 1,134 | |||||||||
Long-term debt | 39,683 | 39,011 | |||||||||
Contingent consideration, long-term | 2,400 | 3,900 | |||||||||
Total liabilities | 64,737 | 65,952 | |||||||||
Stockholders' equity | |||||||||||
Preferred stock, $0.001 par value | — | — | |||||||||
Common stock, $0.001 par value | 28 | 28 | |||||||||
Additional paid-in capital | 494,595 | 487,290 | |||||||||
Accumulated deficit | (418,923) | (361,015) | |||||||||
Accumulated other comprehensive income | 156 | 280 | |||||||||
Total stockholders' equity | 75,856 | 126,583 | |||||||||
Total liabilities and stockholders' equity | $ | 140,593 | $ | 192,535 |
Press Release |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands, except share and per share amounts) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||||||
Revenue | $ | 4,709 | $ | 1,134 | $ | 8,300 | $ | 2,717 | |||||||||||||||
Costs and operating expenses: | |||||||||||||||||||||||
Cost of products sold | 7,492 | 2,663 | 14,447 | 5,857 | |||||||||||||||||||
Research and development | 9,174 | 8,176 | 18,544 | 16,149 | |||||||||||||||||||
Selling, general and administrative | 15,601 | 9,125 | 31,853 | 19,360 | |||||||||||||||||||
Change in fair value of contingent consideration | (258) | 635 | (1,411) | (1,584) | |||||||||||||||||||
Total costs and operating expenses | 32,009 | 20,599 | 63,433 | 39,782 | |||||||||||||||||||
Loss from operations | (27,300) | (19,465) | (55,133) | (37,065) | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Change in fair value of warrant liability | — | (2,453) | — | (1,872) | |||||||||||||||||||
Interest income | 29 | 95 | 69 | 370 | |||||||||||||||||||
Interest expense | (1,456) | (1,370) | (2,844) | (2,724) | |||||||||||||||||||
Total other expense, net | (1,427) | (3,728) | (2,775) | (4,226) | |||||||||||||||||||
Loss before income taxes | (28,727) | (23,193) | (57,908) | (41,291) | |||||||||||||||||||
Income tax benefit | — | — | — | — | |||||||||||||||||||
Net loss | $ | (28,727) | $ | (23,193) | $ | (57,908) | $ | (41,291) | |||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||
Unrealized gain (loss) on marketable securities | 4 | (14) | 10 | (41) | |||||||||||||||||||
Foreign currency translation adjustment | 92 | 96 | (134) | 69 | |||||||||||||||||||
Comprehensive loss | $ | (28,631) | $ | (23,111) | $ | (58,032) | $ | (41,263) | |||||||||||||||
Net loss per common share, basic and diluted | $ | (1.02) | $ | (32.24) | $ | (2.06) | $ | (58.16) | |||||||||||||||
Weighted average shares outstanding, basic and diluted | 28,152,305 | 719,421 | 28,092,329 | 709,961 |
Press Release |
Six Months Ended June 31, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
(unaudited) | |||||||||||
Cash flows from operating activities | |||||||||||
Net loss | $ | (57,908) | $ | (41,291) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation expense | 2,747 | 978 | |||||||||
Amortization of intangible assets | 320 | 220 | |||||||||
Stock-based compensation expense | 6,686 | 2,898 | |||||||||
Amortization of premiums/(accretion of discounts) on marketable securities, net | 797 | 5 | |||||||||
Amortization of debt issuance costs | 672 | 314 | |||||||||
Amortization of right-of-use assets | 343 | 336 | |||||||||
Change in fair value of warrant liability | — | 1,872 | |||||||||
Change in fair value of contingent consideration | (1,411) | (1,584) | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | (1,199) | (597) | |||||||||
Inventory | (1,705) | (3,616) | |||||||||
Prepaid expenses and other current assets | 2,501 | 666 | |||||||||
Other assets | (289) | 8 | |||||||||
Accounts payable | (2,727) | 5,286 | |||||||||
Accrued liabilities | 1,600 | 155 | |||||||||
Operating lease liabilities | (342) | (411) | |||||||||
Net cash used in operating activities | (49,915) | (34,761) | |||||||||
Cash flows from investing activities | |||||||||||
Purchases of available-for-sale marketable securities | (9,134) | — | |||||||||
Sales of available-for-sale marketable securities | 4,590 | 17,095 | |||||||||
Maturities of available-for-sale marketable securities | 44,407 | 40,000 | |||||||||
Purchases of property and equipment | (5,841) | (4,445) | |||||||||
Net cash provided by investing activities | 34,022 | 52,650 | |||||||||
Cash flows from financing activities | |||||||||||
Payment of deferred offering costs | (10) | (701) | |||||||||
Payment of contingent consideration | (2,758) | (2,619) | |||||||||
Proceeds from stock options exercises | 619 | 205 | |||||||||
Net cash used in financing activities | (2,149) | (3,115) | |||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (65) | 69 | |||||||||
Net change in cash, cash equivalents and restricted cash | (18,107) | 14,843 | |||||||||
Cash, cash equivalents and restricted cash, at the beginning of the period | 25,384 | 9,602 | |||||||||
Cash, cash equivalents and restricted cash, at the end of the period | $ | 7,277 | $ | 24,445 |
Press Release |
Three Months Ended June 30, 2021 | Cost of products sold | Research and development | Selling, general and administrative | Loss from operations | Other expenses, net | Net loss | Diluted EPS | ||||||||||||||||||||||||||||||||||
Reported | $ | 7,492 | $ | 9,174 | $ | 15,601 | $ | (27,300) | $ | (1,427) | $ | (28,727) | $ | (1.02) | |||||||||||||||||||||||||||
Amortization of acquired intangibles | — | — | (160) | 160 | — | 160 | 0.01 | ||||||||||||||||||||||||||||||||||
Stock-based compensation | (223) | (630) | (2,923) | 3,776 | — | 3,776 | 0.13 | ||||||||||||||||||||||||||||||||||
Change in fair value of contingent consideration | — | — | — | (258) | — | (258) | (0.01) | ||||||||||||||||||||||||||||||||||
Adjusted | $ | 7,269 | $ | 8,544 | $ | 12,518 | $ | (23,622) | $ | (1,427) | $ | (25,049) | $ | (0.89) |
Three Months Ended June 30, 2020 | Cost of products sold | Research and development | Selling, general and administrative | Loss from operations | Other expenses, net | Net loss | Diluted EPS | ||||||||||||||||||||||||||||||||||
Reported | $ | 2,663 | $ | 8,176 | $ | 9,125 | $ | (19,465) | $ | (3,728) | $ | (23,193) | $ | (32.24) | |||||||||||||||||||||||||||
Adjustment for assumed conversion of convertible preferred stock | — | — | — | — | — | — | 30.90 | ||||||||||||||||||||||||||||||||||
Amortization of acquired intangibles | — | — | (110) | 110 | — | 110 | 0.01 | ||||||||||||||||||||||||||||||||||
Stock-based compensation | (58) | (118) | (981) | 1,157 | — | 1,157 | 0.07 | ||||||||||||||||||||||||||||||||||
Change in fair value of contingent consideration | — | — | — | 635 | — | 635 | 0.04 | ||||||||||||||||||||||||||||||||||
Change in fair value of warrant liability | — | — | — | — | 2,453 | 2,453 | 0.14 | ||||||||||||||||||||||||||||||||||
Adjusted | $ | 2,605 | $ | 8,058 | $ | 8,034 | $ | (17,563) | $ | (1,275) | $ | (18,838) | $ | (1.08) |
Three Months Ended | |||||||||||
June 30, | |||||||||||
2021 | 2020 | ||||||||||
Denominator | |||||||||||
Weighted average shares of common stock outstanding used in GAAP per share calculations | 28,152,305 | 719,421 | |||||||||
Adjustments to reflect the assumed conversion of convertible preferred stock (1) | — | 16,572,935 | |||||||||
Shares used in non-GAAP per share calculations | 28,152,305 | 17,292,356 |
Press Release |
As of June 30, | |||||||||||
2021 | 2020 | ||||||||||
(unaudited) | |||||||||||
Acutus Direct | |||||||||||
US | 42 | 20 | |||||||||
Europe | 18 | 18 | |||||||||
Total Acutus Direct | 60 | 38 | |||||||||
Biotronik | 10 | — | |||||||||
Total installed base | 70 | 38 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||||||
Acutus Direct | |||||||||||||||||||||||
US | 3 | 7 | 5 | 10 | |||||||||||||||||||
Europe | 2 | — | 4 | 1 | |||||||||||||||||||
Total Acutus Direct | 5 | 7 | 9 | 11 | |||||||||||||||||||
Net systems to Biotronik | 3 | — | 3 | — | |||||||||||||||||||
Total net system placements | 8 | 7 | 12 | 11 |
Three Month Ended June 30, | Six Month Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||||||
Acutus Direct | |||||||||||||||||||||||
Disposables | $ | 2,816 | $ | 899 | $ | 4,599 | $ | 1,919 | |||||||||||||||
Systems | 672 | — | 1,285 | 520 | |||||||||||||||||||
Service/Other | 33 | 12 | 68 | 18 | |||||||||||||||||||
Total Acutus direct revenue | 3,521 | 911 | 5,952 | 2,457 | |||||||||||||||||||
Distribution agreements | 1,188 | 223 | 2,348 | 260 | |||||||||||||||||||
Total revenue | $ | 4,709 | $ | 1,134 | $ | 8,300 | $ | 2,717 |
Press Release |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||||||
Acutus Direct | |||||||||||||||||||||||
United States | $ | 2,344 | $ | 544 | $ | 3,812 | $ | 1,313 | |||||||||||||||
Europe | 1,177 | 367 | 2,140 | 1,144 | |||||||||||||||||||
Total Acutus direct revenue | 3,521 | 911 | 5,952 | 2,457 | |||||||||||||||||||
Distribution Agreements | |||||||||||||||||||||||
United States | 143 | 15 | 256 | 15 | |||||||||||||||||||
Europe | 1,045 | 208 | 2,092 | 245 | |||||||||||||||||||
Total revenue through distribution agreements | 1,188 | 223 | 2,348 | 260 | |||||||||||||||||||
Total revenue | $ | 4,709 | $ | 1,134 | $ | 8,300 | $ | 2,717 |
Exhibit 99.2 | |||||
Press Release |
US Media Contacts | Investor Contact | |||||||
Holly Windler | Levitate | Caroline Corner | ||||||
(619) 929-1275 | (260) 408-5383 | (415) 202-5678 | ||||||
holly.windler@acutus.com | acutus@levitatenow.com |
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Cover |
Aug. 10, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Aug. 10, 2021 |
Entity Registrant Name | Acutus Medical, Inc. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-39430 |
Entity Tax Identification Number | 45-1306615 |
Entity Address, Address Line One | 2210 Faraday Ave. |
Entity Address, Address Line Two | Suite 100 |
Entity Address, City or Town | Carlsbad |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 92008 |
City Area Code | 442 |
Local Phone Number | 232-6080 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, par value $0.001 |
Trading Symbol | AFIB |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Central Index Key | 0001522860 |
Amendment Flag | false |
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